A Dynamic Start: Chaffee County's Housing Market in January 2024
As the curtains rose on the new year, Chaffee County's housing market surged into action, showcasing a notable increase in new listings for homes on sale. Throughout January, sellers took the stage with 45 new listings, marking an 18% rise compared to the previous year and a 67% increase from the preceding month.
While buyer activity experienced a dip in comparison to the previous year, it showed promising signs of resurgence on a month-to-month basis. Contracts on 28 listings, indicating a notable 27% increase from December. However, the journey from listing to pending sale stretched out a bit longer this year, with homes taking a median of 92 days to transition, approximately three weeks more than the previous year.
January saw a slight downturn in closings compared to both the previous month and year. Despite this, the median price of a home that closed in January stood strong at $629,000, reflecting a noteworthy 19% surge from the same period last year. However, this figure represented a modest 5% decrease from December's median price. Notably, among the 18 homes that closed, three were in the $1 to 2 million range, underscoring the diversity of the market's offerings.
In summary, Chaffee County's housing market set the tone for the year with a dynamic and multifaceted performance in January. Despite fluctuations in buyer activity and closing numbers, the market showcased resilience and potential for growth in the months ahead. As we navigate through the year, all eyes remain on how these trends will shape the local real estate landscape.
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